Affordable homes could sprout after developer’s Bay Area shopping spree

SUNNYVALE — In an unexpected shopping spree, a big development company has gobbled up a slew of infill sites in California, including several in the Bay Area, that could become affordable housing, apartments, or self-storage projects.

Overton Moore Properties has bought 13 California properties, including several in the Bay Area, from AT&T or its predecessor telecommunications companies such as Pacific Bell, according to the developer and county property records.

The great majority of the properties are in an array of infill sites. The locations include Oakland, Sunnyvale, San Bruno, South San Francisco, the Los Angeles area, and San Diego, according to Overton Moore, which acted through an affiliate called Infill Land Partners.

The purchases were arranged by brokers Patrick Arangio and Kurt Altvater of CBRE, a commercial real estate firm. CBRE also will advise Overton Moore in the future uses or sales of the properties.

“Multi-family, affordable housing, self-storage” are among the options that Overton Moore listed as potential future uses for the properties.

Any prospects for more housing, especially affordable residences, could be a welcome development amid a brutal housing market in the crowded Bay Area.

In Sunnyvale, through a pair of transactions, the Overton Moore affiliate paid $12.6 million for 3.2 acres at 1150 W. Evelyn Ave. near South Bernardo Avenue, county public documents show. The most recent of the purchases occurred on Dec. 4.

Overton Moore paid $7.25 million for a property in San Bruno and $6.8 million for a site in South San Francisco, San Mateo County public records show. These deals were both completed in November.

“The AT&T acquisition represents an opportunity for Overton Moore to re-position infill locations for higher and better uses,” the realty firm stated.

The company didn’t detail on Thursday specific uses for any of the 13 individual sites. The developer didn’t indicate any timing for revamping the 13 properties.

At present, Overton Moore manages more than 8 million square feet of space in California.

“Acquiring 13 assets at once had its challenges but well worth it based upon the location and long term value we can create,” Timur Tecimer, chief executive officer of Overton Moore Properties, said in a prepared release.